Translation: Original published in Finnish on 6/17/2026 at 9:09 am EEST.

Solwers announced on Tuesday that its subsidiary, Finnmap Infra, had been selected alongside Sweco to draw up the general plan for the East Railway section between Porvoo and Koria. While the value of the order was not disclosed, we believe that winning this major public infrastructure project demonstrates Finnmap Infra’s competitiveness in demanding rail design work and will strengthen the subsidiary’s order book for the coming years. This news has no immediate impact on our forecasts for Solwers or our view of the company because we have already predicted a recovery in revenue and earnings for the company from its current extremely low levels. We also consider Finnmap Infra's impact on Solwers' overall development to be limited.

The general planning phase begins in the summer of 2026 and continues until 2028, and we estimate that it will provide Finnmap Infra with a long-term base load. Infrastructure design is an important pillar for Solwers, and this subsidiary accounted for around 14% of Solwers' total revenue in 2025. We have previously emphasized that public-sector infrastructure projects provide stability and defensiveness to the demand for the company amid the current weak construction cycle, during which the company has struggled with profitability pressures and financial covenants. While we understand that Finnmap Infra's business (2025: EBIT 4%) and order book have already been in moderate shape previously, the received order is an encouraging step in the right direction in our opinion. However, the announced order does not alleviate the demand-side problems of Solwers' other subsidiaries, which, in the current market, focus more on architectural design and companies serving industry in Sweden, where price competition, in particular, has been fierce.